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Obama plans White House meeting on fiscal cliff
 
President Obama delivers his victory speech in Chicago after being elected to a second term.
President Obama delivers his victory speech in Chicago after being elected to a second term.
Scott Olson/Getty Images

President Obama addressed the looming fiscal cliff — $600 billion in tax increases and spending cuts set to begin Jan. 1 — from the White House on Friday, telling Congress that the "the majority of Americans agree" that the wealthiest citizens should pay higher tax rates, and that those making less than $250,000 a year should not have to see their tax rates increase. Obama, signaling that he would sign a bill that avoids a middle-class tax increase "right now," added that the government's "top priority has to be jobs and growth." The president has also invited congressional leaders to the White House next week to begin negotiations on how to avoid the fiscal cliff.

 

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